Increasing the Financial Knowledge of New Zealanders
This year ANZ New Zealand partnered with Te Rūnanga o Ngāi Tahu, the governing body for South Island tribe Ngāi Tahu, to undertake an Indigenous people’s financial knowledge survey.
The 2010 ANZ Ngāi Tahu Financial Knowledge Survey was completed by 400 Ngāi Tahu members throughout New Zealand over three months. To increase the involvement and ownership of the project among the Ngāi Tahu community, all interviewing work was carried out by Ngāi Tahu members who were employed and trained specifically for the research.
The results of the survey have established an important benchmark and will support efforts to grow financial literacy and ultimately the financial independence of all iwi (tribes) in New Zealand.
The research will also inform the development of programs and initiatives to enhance money management skills. ANZ will support subsequent surveys to monitor improvements in financial knowledge over time.
Building on this partnership, ANZ New Zealand is now working with Ngāi Tahu to tailor and adapt ANZ’s MoneyMinded financial education program to reflect iwi culture and experiences. MoneyMinded Aotearoa (New Zealand) facilitators have been trained and the first Ngāi Tahu MoneyMinded workshops will be held this year. The long-term aim is to offer the MoneyMinded Aotearoa program to iwi throughout New Zealand.
Business Profile
ANZ New Zealand is the country’s largest company based on assets. As the largest financial services provider ANZ New Zealand has a banking relationship with nearly one in two New Zealanders.
ANZ New Zealand is the country’s largest financial services provider. We offer retail, commercial, wealth management and institutional customers a broad range of banking, finance, insurance and investment products and services through our branded businesses including our two retail banks.
Our breadth and diversity is reflected in the more than 9,000 people we employ from a wide range of backgrounds and skills.
Business Highlights
- Underlying net profit# was higher driven primarily by a 48%6 decline in the provision charge.
- Credit quality improvement was most evident in the Retail and Institutional sectors, with some uncertainty remaining around the Rural and Commercial sectors.
- There was some margin recovery across the year, up 13 bps in the second half (up 9 bps year on year).
- Removed and reduced 29 fees across our two retail banks delivering annualised benefits to customers of around NZ$55 million.
- Continued to hold the number one market share position for all banking products across home, rural and business lending and also for the Kiwisaver superannuation product.
- Awarded ‘Best Value Mortgages (fixed rate)’ by CANNEX.
- Became Worldwide Partner and Official Bank of Rugby World Cup 2011 New Zealand.
- Supported New Zealand’s infrastructure development and export growth, winning the 2010 Institute of Finance Professionals New Zealand (INFINZ) Bank of the Year Award.
- Provided NZ$1 million to support the Canterbury Earthquake Appeal.
- Invested over $2.8 million in our community through donations, volunteering and in-kind support.
Performance Tables
| Financial performance# ($Am) | 2010 | 2009 | Movt% |
|---|---|---|---|
| Operating income | 2,549 | 2,638 | -3% |
| Operating expenses | (1,212) | 2,638 | 3% |
| Profit before credit impairment and income tax | 1,337 | 1,456 | -8% |
| Provision for credit impairment | (366) | (727) | -50% |
| Profit before income tax | 971 | 729 | 33% |
| Income tax expenses and non-controlling interests | (270) | (216) | 25% |
| Profit after tax | 701 | 513 | 37% |
| Total assets | 93,096 | 101,319 | -8% |
| % Contribution to group earnings | 14% | 14% | 0% |
| Non-Financial performance | 2010 | 2009 | Movt |
|---|---|---|---|
|
Retail Customer Satisfaction – ANZ (%) (Source: AC Neilson) |
54 | 61 | ↓ |
|
Retail Customer Satisfaction – NBNZ (%) (Source: AC Neilson) |
66 | 61 | ↑ |
| Total Employees1 (FTE) | 9,412 | 8,879 | ↑ |
| Employee Engagement1 (%) | 63 | 67 | ↓ |
| Total Women in Management2 (%) | 34.5 | 33.21 | ↑ |
| Lost Time Injury Frequency Rate1 | 2.23 | 1.5 | ↑ |
| Volunteering Hours1 | 18,285 | 26,778 | ↓ |
| Community Investment (A$m) | 2.8 | 4.6 | ↓ |
| GHG Emissions4 (tonnes CO2-e) | 14,887 | 14,496 | ↑ |
| Paper5 (tonnes per FTE) | 0.15 | 0.14 | ↑ |